DISCLAIMERS

Distribution of Zulauf Asset Management AG Research (ZAM) publications is not allowed without ZAM’s express written permission.

ZAM believes the information and data contained in its publications are reliable but provides them “as is” and without guarantees. ZAM DISCLAIMS ALL WARRANTIES, EXPRESS AND IMPLIED, including warranties of merchantability, suitability or fitness for a particular purpose or use.

ZAM’s publications reflect opinions as of the date of each, and they will not necessarily be updated as views or information change. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before trading.

The performance of ZAM’s past recommendations and model results are not a guarantee of future results for reasons including the following. The effectiveness of model results can be diminished as other market participants adopt similar approaches and thereby reduce the profitability of such model results. Model results are necessarily based on the benefit of hindsight, and past patterns may not continue in the future. Model results do not reflect the effect of transaction costs or management fees or reflect actual investment results. Model results may not reflect actual historical recommendations and may exclude unsuccessful recommendations. ZAM may over time modify its approach to evaluating investment opportunities.

ZAM’s publications are not designed to meet the particular investment needs of any investor. The publications do not address the suitability of any particular investment for any particular investor and are not intended to be the primary basis for investment decisions. The publications do not address the tax consequences of securities, investments, or strategies, and investors should consult their tax advisors before making investment decisions. Investors should seek professional advice before making investment decisions. The publications are not offers or solicitations of offers to buy or to sell securities.

ZAM and officers, directors, members, affiliates, employees, and agents (ZAM Parties) shall not have any liability for any loss sustained by anyone who has relied on the information contained in any ZAM publication. In no event shall ZAM Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in ZAM research, publications, and other communications even if advised of the possibility of such damages. ZAM Parties may have long or short positions in the securities discussed in ZAM’s research and publications and may purchase or sell such securities without notice.